January 18, 2012

JIM DRAKE NAMED PRESIDENT OF BLUE MOUNTAIN CREDIT UNION

On JANUARY 17, 2012, JIM DRAKE  accepted the position of President of BLUE MOUNTAIN CREDIT UNION,  a credit union whose field of membership includes Seventh-day Adventists living in the state of Washington or the Upper Columbia Conference; students, alumni and employees of Walla Walla University; employees of the City of College Place, Andy’s Market, Elsom Roofing, Walla Walla General Hospital, Wheatland Village and Quail Run Retirement Community; and immediate family members of current members.

Blue Mountain Credit Union is a $29 million credit union located in College Place, WA.  The Credit Union serves over 3,500 members.  It is a Washington State chartered credit union with deposits insured by NCUA. Originally chartered in 1959 because members of the of Walla Walla College faculty were tired of high interest and bank fees, they started it in the corner of an office on campus.  Through the years it has had a strong affiliation with Walla Walla University and the Seventh-day Adventist faith. www.bmcu.net

1. Set financial goals. Put them in writing, and calculate how much you’ll need to save monthly to reach your goals. Remember to make note of the big and small financial goals – from going on spring break next year to retiring early.

2. Make a budget and stick to it. Limit debt to your ability to pay it off. Monthly credit payments (not including mortgages) should not go over 20% of your net income. Also, start by paying off existing bills before incurring new ones.

3. Start building an emergency fund. This should be equal to three to six months of living expenses and should be used ONLY in the case of an emergency.

4. Save at least 10% of your gross income. Put it in your emergency fund, toward future goals and retirement. If you can’t make 10%, start smaller and work up to 10%. Saving any amount is better than none.

5. Take advantage of the financial services Blue Mountain Credit Union offers to you as a customer/member.

6. Get proper insurance. This includes health, disability, auto, renters/homeowners and life insurance.

7. After you’ve completed steps 1-6, start investing small amounts of your savings. Do this gradually over time, with sensible contributions.

8. Save money for retirement. Use tax-advantaged savings plans from your employer like 401(k) plans, or open individual retirement savings plans from Blue Mountain Credit Union.

9. Keep your job skills fresh and up-to-date. This will keep your job options open and will allow for salary increases.

10. Save all financial files. Do so in an orderly and easily accessed system so you have them readily available when you need them.